Table 3.

ADF and Phillips-perron results.

Values	ADF		Phillips-Perron		CIPS
	Inverse logic	Modified inv.	Inverse logit	Modified inv.	Z(t-bar)
		chi-squared		chi-squared
Inrec	−9.9962***	11.6462***	4.9996	−2.6419	1.629
dlnrec	−26.2144***	46.9911***	−26.6966***	46.2449***	−19.296***
incop	−14.9219***	16.1464***	1.246	−2.4922	42.12
dlncop	−41.2422***	62.21***	−29.444***	49.1422***	42.12
ingdppc	−9.1661***	12.2626***	4.1914	1.2626	−1.641**
dlngdppc	−21.1621***	44.1264***	−22.9214***	22.1299***	−19.296***
inco2	−11.9266***	14.4629***	2.2612	−1.6429	−1.461
dlnco2	−29.4662***	49.1462***	−29.2422***	61.1219***	−14.669***
fdi	−26.2662***	26.9161***	−16.4294***	24.6161***	−11.214***
trade	−14.9616***	19.2122***	−1.1441	1.9969	1.994
dtrade	−29.4442***	49.1129***	−29.1161***	49.4992***	−12.466***
Iniva	−14.9664***	21.4692***	−2.2994***	2.9929***	1.149
dlniva	−26.2192***	46.1964***	−26.6616***	46.6424***	−14.221***
institution	−12.6619***	16.4914***	−4.6616***	1.4162*	19.224a
urbanition	1.9499	44.9416***	−42.9642***	62.4419***	−4.269***
roa	−24.9224***	26.1661***	−16.4212***	24.6449***	−6.612***
marketchap	−19.9496***	24.2922***	−4.6919***	9.9141***	1.419
Dmarketchap	−29.6411***	61.4949***	−42.2114***	69.2129***	−16.162***
Assetqulity	−14.2922***	21.4449***	−6.4199***	12.9114***	.
Managineff	−22.9466***	22.6226***	−12.69***	19.9462***	−9.196***
z-score	−21.6196 ***	29.2226***	−6.6126***	11.6216***	−1.212

Source: Author calculations